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GGraessle

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GGraessle

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Monday, 02/24/2003 3:45:12 PM

Monday, February 24, 2003 3:45:12 PM

Post# of 110
IBCI Announces it Has Settled the Lawsuit Previously Filed By the Securities And Exchange Commission
Monday February 24, 3:23 pm ET


ATLANTA, Feb. 24 /PRNewswire-FirstCall/ -- International BioChemical Industries, Inc. (OTC Bulletin Board: IBCL - News) announces that it has settled the lawsuit previously filed by the Securities and Exchange Commission against the Company and Timothy C. Moses, the Company's President and Chief Executive Officer, with respect to certain press releases issued by the Company beginning on January 29, 2003. As part of the settlement, the Company and Mr. Moses consented to the entry of certain Court orders without admitting or denying the allegations contained in the Commission's complaint. A description of the terms of the settlement and the Court's orders are included in the Commission's Litigation Release No. 17991 issued February 21, 2003.

About International BioChemical Industries:

International BioChemical Industries, Inc. is a Norcross, Georgia-based emerging growth company focused in biotechnology and antimicrobial products. Its core business is committed to the discovery, development, marketing and sale of surface-modifying antimicrobial and biostatic products. The company's antimicrobial technology is an alternative to conventional sanitizers, disinfectants, bleaches, biocides or preservatives primarily because it kills bacteria on contact and can remain active for extended time periods. To date IBCI has received four US patents and eight EPA registrations, including the first U.S. germ killer and disinfectant against Salmonella cholerasuis, Staphylococcus aureus and other microorganisms. The company has developed several alliances in different industries, such as healthcare, textiles and storm water.

Further information on IBCI and its line of products can be found by visiting the firm's web site at http://www.bioshield.com , or by calling 1-770-925-3653, Tim Moses.

Safe Harbor/Forward-looking Statements:

Statements in this news release that are not historical are forward- looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the company, including areas such as: developing technologies; dependence on collaborative partners; the inherent complexity and uncertainty regarding the development of products; early-stage development of IBCI; the result of research and development efforts; future capital needs; uncertainty of additional funding; government regulations; and other factors which are detailed in the company's periodic reports and registration statements filed with the Securities and Exchange Commission. IBCI does not undertake to revise or update any forward- looking statement to reflect events or circumstances that may arise after the date hereof. BioShield is a trademark of IBCI.






The best weapon against "fear" is "facts"!!

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